The Solana layer-1 network has risen to third place all-time in total NFT sales and now sits just behind the leader.
The Solana network is gaining traction as total sales have surged past $1.6 billion, making it the third most active blockchain by NFT sales volume.
The data from the NFT transaction tracker shows that total sales have reached the milestone. Over the last 30 days, Solana has ranked second in total sales behind Ethereum.
Despite the recent bridge hack, the Ronin sidechain is still in second place in the all-time figures with $4 billion in total sales, but the weekly and monthly numbers for the network are down.
Although it is still the leader with $21 billion in sales, Solana is closing in on second place and creating more distance from its own competitors.
The NFT marketplace OpenSea integrates Solana onto its platform this month and it is expected to increase transaction volume.
Looks like wash trading
LooksRare looks like it is still generating most of its volume through wash trading.
About 85% of the total trading volume on the platform is from wash trading, according to data from the NFT tracker CryptoSlam.
In wash trading, operators or users of a trading platform create a series of back-and-forth trades in order to inflate trading volume. The platform’s rewards structure encourages traders to wash trade.
The amount of transaction volume in the marketplace is proportional to the amount of LOOKS token and wrapped ether that investors are rewarded with. The high volume of wash trading appears to be masking the drop off in the overall NFT market. OpenSea’s volume has been decreasing every month since January, according to Dune Analytics data.
Pedro said that organic trading was starting to rise on LooksRare, however.
Ja Rule sells Fyre art
Ja Rule sold an painting from the festival.
The NFT, which depicts the festival logo and the word “fyre” across it, was sold for $122,000.
The purchaser will receive both the painting and the NFT. One of Ja Rule’s NFTs of Fyre festival artwork is starting at $600,000 and is being auctioned on Flipkick.
A party was held on a tropical island. Ja Rule was hired to make promotional content. The festival did not live up to the hype and was forced to pay millions of dollars in fines for fraud.
The world’s most expensive NFT
Cyber Yachts wants to sell a 120-meter mega yacht named “Indah” for $400,000,000. The purchaser gets a real-world 394-foot mega yacht based on the same design, built by a respected luxury yacht shipbuilders.
The NFT yacht will be an exact replica of the physical yacht that was deployed on the NFT platform.
Other Nifty News
In order to promote education in the virtual world, a partnership has been formed with metaverse platform and NFT game The Sandbox. Ian Rodgers, the chief experience officer at Ledger, said that the partnership is expected to bring more security to The Sandbox.
Skey Network has begun a strategic investment round worth $5 million to develop the Go2NFT platform. 2.5% of world trade is caused by counterfeiting, which is why this platform will provide solutions to corporations looking to protect their products.
Featured photo source pexels.com